Veda Advantage (ASX/NZX: VEA) has agreed to acquire Australian Business Research (ABR) and the National Tenancy Database (NTD) from Collection House Limited for an enterprise value of $32 million (subject to certain completion adjustments). The businesses are being sold by Collection House as part of its move to divest divisions which are not part of its core debt collection business.
ABR is a provider of commercial credit information and information brokerage services. The National Tenancy Database is designed for the real estate market in Australia and New Zealand and holds information on 1.4 million tenants. NTD services 4000 clients, including real estate agents and property managers. The ABR and NTD businesses had combined earnings before interest, tax, depreciation and amortization (EBITDA) of $4.2 million in the 2006 financial year. The sale is subject to approval by the Australian Competition and Consumer Commission. The sale has no effect on the privatization of Veda Advantage, which ceased trading on the Australian Securities Exchange and the New Zealand Stock Exchange last week. The final special dividend of 10 cents per share will be paid to Veda Advantage shareholders on 6 July 2007. The $3.51 per share Scheme consideration will be paid on 9 July 2007. Source: www.vedaadvantage.com